The Booking Token Unit (BTU) protocol is a standardized building block for any decentralized application (dApp) or web site willing to implement booking features for their end-users. The BTU protocol also brings interoperability among decentralized applications that incorporate it.All platforms implementing the BTU protocol would benefit from a hybrid approach combining an on-chain smart contract and off-chain software components, providing more scalability. A transparent and public inventory enabled by an open-source protocol would considerably lower the entry barriers to many internet booking markets.

The Pain

In all booking platforms, centralization led to an unbalanced situation with online platforms getting more and more power over the actual service providers who bear the operational costs and investments. As a result, service providers are experiencing high commission fees ranging from 15% to 35%. Those fees are paid to the centralized “winner takes all” booking platforms.

The Benefits

With blockchain networks emerging as the new global infrastructure, we have the opportunity to create vastly different power structures.

A public inventory and an open protocol lowers operational costs while allowing a fair competition between a higher number of market participants.

It should also encourage a new wave of developers to deliver innovative and open services, leading to better functioning markets.

Innovative offerings could be built that enable the booking of bundled services.

Existing players in one industry could offer new services to their existing customers (cross-sales).

Uses Cases

Our protocol could be used to book many of the following services:

Hotels and Apartments

Offices, Studios and Warehouses

Cars, Flights, Jets, Trains, Buses, Yachts and Ferries

Tours, Holiday packages, Cruises, Visits and Museums

Shows, Sports, Events and Restaurants

Medical and Well-being appointments

Computer resources and Token sale booking

Tests, Photographers, Guides, Caterers, Car repair...

The BTU token

The BTU protocol is being standardized as ERC-808 and requires the use of the Ethereum-based BTU token. The role of the BTU token is to drive the network of participants to behave rationally and with economic interests aligned:

Deposit value for booking a resource: The deposit is an incentive for any Booker to cancel its reservation in time. If the resource is not released, the deposit will be kept by the resource owner.

Reward mechanisms: BTU tokens can be used to reward usage of the protocol. In essence, Bookers are effectively rewarded with tokens as they are “mining” successful bookings.

Anti-spam parameters are also making use of token staking in order to enforce fair use.

Different industries could adopt the same token, thereby amplifying the network effects that would otherwise be limited to one industry.

Information

Booking Token Unit (BTU) protocol is a standardized building block for any decentralized application (dApp) or web site willing to implement booking features for their end-users. The BTU protocol also brings interoperability among decentralized applications that incorporate it. All platforms implementing the BTU protocol would benefit from a hybrid approach combining an on-chain smart contract and off-chain software components, providing more scalability. A transparent and public inventory enabled by an open-source protocol would considerably lower the entry barriers to many internet booking markets.